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NEDFi celebrates silver jubilee

By Staff Reporter

GUWAHATI, Aug 10 - The North Eastern Development Finance Corporation Ltd (NEDFi) celebrated its silver jubilee on August 9.

NEDFi has completed an eventful twenty-five years since its establishment in 1995. Over the years, the corporation has provided loans to over 6,800 projects and taken up several development initiatives through its CSR activities in the eight states of the North East.

�Since its inception, NEDFi has followed Prime Lending Based (PLR)-based interest rate structure, with review of rates and its spread from time to time in the past depending on the prevailing interest rate in the market. In view of the recent downward revision in the interest rates of most of the banks in the country and adoption of external benchmark-linked interest rates by banks, NEDFi has revised its interest rate structure with an external benchmark wherein the floor rate shall be pegged with 1-year MCLR of State Bank of India. The new interest rate structure will be called external benchmark rate (EBR) and henceforth, all new loans above Rs 100 lakh sanctioned by the corporation will be linked to EBR,� NEDFi said in a statement.

The corporation has several schemes for small loans of size up to Rs 100 lakh and microfinance loan to MFIs where concessional interest rates are being charged from the customers and as such, the EBR structures are not applicable to these loans which shall be governed as per the prevailing schemes.

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